FX.co ★ Sweden’s Capacity Utilization Weakens Further in Q4 2025, Signalling Softer Industrial Momentum

Sweden’s capacity utilization deteriorated in the fourth quarter of 2025, underscoring a further cooling in industrial activity. Quarter-over-quarter, the indicator declined by 0.6%, following a 0.2% decrease in the third quarter of 2025, according to the latest data updated on 20 February 2026.

The figures show that the pace of decline has deepened: while the previous reading captured a 0.2% quarter-on-quarter fall from the second to the third quarter of 2025, the latest data point reflects a sharper 0.6% drop from the third to the fourth quarter. On a quarter-over-quarter comparison basis, this sequential weakening suggests that Swedish industry operated further below its prior capacity levels as 2025 drew to a close.

For analysts and investors, the negative trend in capacity utilization is often read as a sign of softer demand or rising slack in the production sector. With both Q3 and Q4 2025 showing quarter-on-quarter declines—and with the downturn accelerating into the year’s final quarter—markets may look for confirmation in upcoming indicators to gauge whether this marks a temporary adjustment or a more persistent slowdown in Sweden’s industrial cycle.